Preliminary Results Show Sales Bookings up 172% Year over Year and up
34% Quarter over Quarter
VidWRX Inc. (TSX-V:VID) (“VidWRX” and/or the “Company”), the pioneer of
globally scalable video production solutions, has announced preliminary
and un-audited numbers indicating that the fourth quarter of 2015 will
be a record for the company, with quarterly Sales Bookings expected to
be approximately $765,000 and quarterly Revenues expected to be
$190,000. The Company's Sales Backlog will also grow to approximately
$2,300,000. This represents growth of 172% in Sales Bookings for 2015
compared to the prior year, and approximately 34% compared to the prior
quarter, and growth of 122% in annual revenues compared to the prior
year and approximately 21% compared to the prior quarter. Sales Backlog
has grown by 132% over the prior year and 22% over the prior quarter.
During November the Company experienced its first two weeks where Sales
Bookings exceeded $100,000. The Company also expects to experience the
highest quarter over quarter growth in sales to existing clients in its
history at approximately 133% for the fourth quarter which follows 4%
growth in the third quarter.
“The strong sales growth we saw in Q3 is continuing through the fourth
quarter,” said George Fleming, Founder and CEO. "VidWRX continues to
successfully evolve its approach to sales. Beginning with the
implementation of a Revenue Performance Management system earlier this
year, the development of new websites and marketing materials, and the
ongoing adjustment of sales development to focus on internet marketing
companies and agencies facing issues around the scalability of video
production we've laid a solid foundation for continued growth in 2016."
The Company cautions that figures for Sales Backlog, Sales Bookings and
Revenue, have not been audited. Actual results may differ materially
from those reported in this release once these figures have been
audited, and the fourth quarter has been completed.
Definitions
Sales Bookings measure the total value of videos ordered in the
period, and Sales Backlog measures the total value of video sales
from all periods to-date but not yet completed. For a video order to be
included as a Sales Booking, an order must be received from a client,
and a deposit paid or, in cases where the client is deemed
credit-worthy, be reasonably assured. Sales Bookings are recorded
when a video is ordered. Revenue is recorded when a video is
completed
Sales Bookings and Sales Backlog are used by the Company as leading
indicators and measures of sales performance, while Revenue is a lagging
indicator measuring production activity.
About VidWRX
Founded in 2006 as SoMedia Networks, VidWRX is an industry pioneer,
providing scalable video production services to marketers and digital
agencies in any volume, anywhere in North America. Combined with its
online platform and proven processes, the Company’s expert production
teams ensure exceptional customer service and affordable, high quality
videos. To learn more, visit: www.vidwrx.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release. This news release does not constitute an offer to sell or a
solicitation of an offer to sell any securities in the United States.
The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”) or
any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from
such registration is available.
Certain information contained in this document may include
"forward-looking information". In this document, words such as "may",
"would", "could", "will", "likely", "believe", "expect", "anticipate",
"intend", "plan", "estimate" and similar words and the negative form
thereof are used to identify forward-looking statements. Forward-looking
statements should not be read as guarantees of future performance or
results, and will not necessarily be accurate indications of whether, or
the times at or by which, such future performance will be achieved.
Forward-looking statements and information are based on information
available at the time and/or the Company management's good-faith beliefs
with respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond the Company's control. For additional information with
respect to these and other factors and assumptions underlying the
forward-looking statements made in this press release, see the section
entitled "Risks and Uncertainties" in the Management's Discussion and
Analysis of the Company for its most recent interim financial statements
filed with the Canadian securities commissions. The forward-looking
information set forth herein reflects the Company’s expectations as at
the date of this press release and is subject to change after such date.
The Company disclaims any intention or obligation to update or revise
any forward looking statements, whether as a result of new information,
future events or otherwise, other than as required by law.
This news release makes reference to terms used by the Company to
analyze operating performance and leverage. Such terms do
not have a standard meaning as prescribed by International Financial
Reporting Standards (“IFRS”) and therefore may not be comparable with
the determination of similar measures for other entities. These measures
are identified as non-GAAP measures and are used by management to
analyze operating performance. These measures should not be considered
an alternative to, or more meaningful, than cash flow from/used in
operating activities or net income (loss) as determined in accordance
with IFRS.
The Company does not intend, nor does it undertake, any obligation
to update or revise any forward-looking information or statements
contained in this document to reflect subsequent information, events or
circumstances or otherwise, except as required by applicable laws.
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